Wal-Mart considers bid for Li Ka-shing's supermarket biz: sources
Sources told Reuters that Wal-Mart Stores Inc is thinking of bidding for ParknShop, the supermarket business owned by Li Ka-shing. August 16 is the deadline for initial bids as set by Hutchison Whampoa Ltd, the conglomerate firm of Asia's richest man. The Hong Kong supermarket is valued at USD 4 billion, prompting a lot of interest from private equity firms and corporations interested in the acquisition.
People familiar with the matter further revealed that Wal-Mart is said to be weighing its options and is currently consulting with a bank in preparation for next week's deadline. The world's largest retailer has not yet issued a statement and the sources are speaking on condition of anonymity because of the confidential nature of the discussions.
Wal-Mart now has 380 stores in China after opening its first in 1996. It also made known its plans last year to open a hundred new stores in the mainland in the next three years.